Lerøy says Scottish Sea Farms has big potential

Lerøy described its 50% ownership in both Scottish Sea Farms and the leading wellboat company Seistar as important assets with potential for growth.

 

Scottish Sea Farms, one of the UK’s largest salmon farmers is sometimes known under its holding company name Norskott Havbruk. It is a joint venture split fifty-fifty with SalMar, Norway’s second largest salmon farmer.

 

The Lerøy report says that 2024 was a year of improvement for SSF but the second half of 2025 proved challenging with gill health related challenges leading to increased mortality. 

 

It adds: “This, together with a lower price realisation, had significant impact on profitability. Harvest volume in 2025 was 32,791 GWT (gutted weight tonnes), with an EBIT per kg of minus NOK -3.9, a clear reduction from NOK 13.7 per kg in 2024. Significant improvements are expected in 2026, for which expected harvest volume is 43.000 GWT.

 

“Scottish Sea Farms has the potential to continue to grow volumes beyond this in the years to come."

 

The Seistar fleet consists of seven boats with 2025 the first full operating year which included two new vessels received in 2024. Its EBITDA grew from NOK 123 million (£10m) in 2024 to NOK 189 million (£15m) in 2025.

 

Lerøy’s total income from associated companies and joint ventures fell from NOK 107 million (£8.5m) in 2024 to minus NOK -89 million (£7m) in 2025, with the corresponding figure before value adjustment decreasing from NOK 117 million (£9.2m) in 2024 to minus NOK -70 million (-£5.5) in 2025 with the weakened performance in Scottish Sea Farms as the key issue.